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Underpayment of Virginia Estimated Tax by Individuals, Estates and Trusts. General ... You are not required to file Form 760C if your income tax liability after subtracting the ... www.tax.virginia.gov.

How to fill out underpayment of virginia estimated

How to fill out underpayment of Virginia estimated:

1. Gather necessary information: Before filling out the underpayment of Virginia estimated form, make sure you have all the required information at hand. This includes your personal information, such as name, address, and social security number, as well as your estimated annual income and any applicable deductions or credits.
2. Calculate your estimated tax liability: Estimate your total tax liability for the year by considering all sources of income, deductions, and credits. You can refer to your previous year's tax return or use tax software or calculators to help you with this step.
3. Determine your required annual payment: Based on your estimated tax liability, calculate the minimum amount you are required to pay as estimated tax throughout the year. The Virginia Department of Taxation provides a worksheet (Form 760ES) that can assist you in determining your required annual payment.
4. Complete the form: Fill out the underpayment of Virginia estimated form (Form 760C) accurately and legibly. Provide all the requested information, including your personal details, estimated tax liability, and required annual payment.
5. Submit the form: Once the form is completed, submit it to the Virginia Department of Taxation by the due date. The due dates for estimated tax payments in Virginia are April 15, June 15, September 15, and January 15 of the following year, unless the date falls on a weekend or holiday.

Who needs underpayment of Virginia estimated?

1. Self-employed individuals: If you are self-employed and expect to owe more than $150 in Virginia income taxes for the year, you are generally required to make quarterly estimated tax payments. This ensures that you are meeting your tax obligations throughout the year, rather than paying a large sum at the end of the tax year.
2. Individuals with other sources of income: If you have income from sources that are not subject to withholding, such as rental income or investment income, you may also need to make estimated tax payments to cover your tax liability.
3. High-income earners: Individuals with high incomes may be subject to additional tax requirements, including the underpayment of estimated tax. If your income is above a certain threshold, it is important to consult the Virginia Department of Taxation or a tax professional to determine your specific obligations.

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What is underpayment of virginia estimated?

Underpayment of Virginia estimated taxes refers to the payment made by taxpayers to the state of Virginia throughout the year to avoid penalties for not paying enough tax during the year.

Who is required to file underpayment of virginia estimated?

Individuals, sole proprietorships, and corporations who expect to owe more than a certain amount in taxes to Virginia at the end of the year are required to file estimated tax payments.

How to fill out underpayment of virginia estimated?

To fill out underpayment of Virginia estimated taxes, taxpayers need to calculate the estimated amount of tax they will owe for the year and make quarterly payments to the Virginia Department of Taxation.

What is the purpose of underpayment of virginia estimated?

The purpose of underpayment of Virginia estimated taxes is to ensure that taxpayers are paying their fair share of taxes throughout the year, rather than waiting until the end of the year to make a lump sum payment.

What information must be reported on underpayment of virginia estimated?

Taxpayers must report their estimated income, deductions, and credits when filing underpayment of Virginia estimated taxes.